Question

Selected accounts follow of Aramis Limited at December 31, 2014:
The following additional information is available:
1. Inventory is valued at lower of cost and net realizable value using FIFO.
2. Equipment is recorded at cost. Accumulated depreciation, calculated on a straight-line basis, is $50,600.
3. T he fair value- net income investments have a fair value of $29,000.
4. T he notes receivable are due April 30, 2015, with interest receivable every April 30. The notes bear interest at 6%.
5. T he allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $50,000 are pledged
as collateral on a bank loan.
6. Intangible Assets-Trade Names are recorded net of accumulated amortization of $ 14,000.
Instructions
(a) Prepare the current assets section of Aramis Limited's statement of financial position as at December 31, 2014, with appropriate disclosures.
(b) Outline the other ways or methods that can be used to disclose the details that are required for the financial statement elements in part (a).


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  • CreatedSeptember 18, 2015
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